Monopolistic competition and perfect competition differ because
A) only monopolistically competitive firms will set MR = MC.
B) only perfectly competitive firms will set MR = MC.
C) only monopolistic competition allows for entry of other firms in the long run.
D) only competitive firms take the price as given.
D
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Refer to the figure above. The triangular region BEC shows the ________ due to the price ceiling
A) gain in consumer surplus B) loss in consumer surplus C) gain in producer surplus D) loss in producer surplus
Farmers can use their land to grow soy beans or corn. If the price of corn rises,
A) the supply of soybeans decreases and the soybean supply curve shifts leftward. B) the supply of soybeans increases. C) the supply of corn increases and the corn supply curve shifts rightward. D) the supply of corn increases.